Standard Glass Lining mops up ₹123 crore from anchor investors ahead of IPO

Standard Glass Lining Technology has garnered ₹123.02 crore from anchor investors ahead of its initial public offering, which opens on Monday and closes on January 8.

The ₹410.05-crore IPO is a mix of fresh issue worth ₹210 crore and an offer of sale of up to 1.43 crore shares by Promoter Selling and Promoter Group Selling Shareholders and Other Selling Shareholders.

Price band

The price band has been determined as ₹133- 140. Investors can bid for a minimum of 107 shares and in multiples of 107 thereafter.

The offer is being made through the book-building process, wherein not more than 50 per cent is reserved for qualified institutional buyers, 15 per cent for allocation to non-institutional investors, and up to 35 per cent for allocation to retail individual portion.

In a disclosure to the stock exchanges, Standard Glass said it allocated 87,86,809 shares at ₹140 a share on Friday to anchor investors.

Among the foreign and domestic institutions who participated in the anchor included Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, Tata MF, Motilal Oswal MF, 3P India Equity Fund I, Kotak Infinity Fund – Class AC, Massachusetts Institute of Technology, ITI Large Cap Fund.

The proceeds from its fresh issuance to the extent of ₹10 crore will be used for funding of capital expenditure requirements of the company towards the purchase of machinery and equipment; ₹130 crore for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company and investment in its wholly owned Material Subsidiary, S2 Engineering Industry Private Limited, for repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by S2 Engineering Industry Private Limited, from banks and financial institutions; ₹30 crore for Investment in its wholly owned material subsidiary, S2 Engineering Industry Private Limited, for funding its capital expenditure requirements towards the purchase of machinery and equipment; ₹20 crore for funding inorganic growth through strategic investments and/or acquisitions; and general corporate purposes.

IIFL Capital Services Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.